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Hess will move from 6 rigs to 1 in the Bakken

March 18, 2020
| Archives

Hess Corporation today announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in oil

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Halliburton furloughs 3,500 staff at Houston Headquarters

March 18, 2020
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  Halliburton, the world's biggest provider of fracing services, will furlough about 3,500 workers at its Houston headquarters as crude prices plunged to an 18-year low. The mandatory time-off will last as long as 60 days, Halliburton said in an emailed statement. Employees will work one-week-on, one-week-off schedules and without pay during off weeks as the oilfield-services company tries

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$93m generated in U.S. Gulf lease sale

March 18, 2020
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A major sale of oil and gas leases in U.S. waters on Wednesday generated $93 million in high bids, the lowest total since 2016 amid a steep slide in oil prices that has cast doubt over energy projects around the globe. The more than 78 million-acre (31.6 million hectares) sale attracted bids on 397,286 acres, or 0.5 percent

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Weatherford CEO: We are pleased to begin a new chapter for Weatherford

March 17, 2020
| Archives

Weatherford International plc announced its results for the fourth quarter and full year 2019. Weatherford emerged from Chapter 11 bankruptcy protection pursuant to a prepackaged plan of reorganization on December 13, 2019 and eliminated $6.2 billion of debt as part of its financial restructuring.  Upon emergence, Weatherford adopted fresh-start accounting which results in Weatherford becoming a new entity for accounting and financial reporting purposes.  As required by

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Noble CFO steps down

March 17, 2020
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  Noble Corporation plc announced that Richard Barker (38) will replace Stephen M. Butz as Chief Financial Officer of the Company, following Mr. Butz’ decision to step down as Executive Vice President and Chief Financial Officer to pursue other opportunities. Mr. Butz made the decision to leave the Company following the recently announced Chief Executive Officer transition plan. His departure is not the result of any

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Carnarvon: Current spot prices for oil do not represent longer term prices

March 17, 2020
| Archives

  Carnarvon’s strategy has intentionally targeted projects that have the potential to produce in low cost environments and thereby absorb extreme economic events such as we’re experiencing at present. The sheer size and nature of the Dorado field means that it is a strong and robust project which is expected to produce at globally competitive capital and operating costs

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Neptune Energy makes a discovery on Isabella

March 17, 2020
| Archives

Hydrocarbons were encountered in Upper Jurassic and Triassic sandstone reservoirs, with 64 metres net pay encountered, consisting of lean gas and condensate and high-quality light oil. The results of the well will be analysed to further evaluate the discovery, determine future appraisal activity and recoverable resources estimates. The well is now being plugged and abandoned. Jim House, CEO of

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Cushing storage tanks rates are surging

March 17, 2020
| Archives

Rates to store oil at one of the world’s biggest trading hubs are surging, as traders globally scramble to secure space in tanks to cope with slumping demand from the coronavirus outbreak and a flood of supply from the Saudi-Russia price war. The need for a place to park all that surplus crude is breathing new life into

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Rig Lynx: Message to our readers and members about Covid-19

March 13, 2020
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  At Rig Lynx we consider all of our members extended family and would like to share some information about Covid-19. Currently Rig Lynx has members in 136 countries all over the world and most of these countries are being affected daily by the recent Covid-19 pandemic.  All of you either work domestically or internationally in the industry, have family

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Houston: Offshore Technology Conference (OTC) 2020 Postponed

March 13, 2020
| Archives

  Organizers of the Offshore Technology Conference (OTC) announced today that the event, planned for May 4-7, 2020, will be postponed until Q3 2020 due to “unprecedented global challenge associated with the current COVID-19 pandemic.â€Â  With severe global travel restrictions and considering the rapidly changing guidance from governments and companies, OTC has chosen to postpone the conference, and is

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